Bitcoin price holds $110K amid accumulation, eyes breakout
Bitcoin price is stabilizing around $110,000 after recent volatility, slipping below its ascending channel but finding support at the level aligned with the 100-day moving average. On the daily chart, the bitcoin price slipped below its ascending channel yet held near the 100-day moving average at $110K. The daily RSI at mid-40s indicates weakened momentum without oversold conditions, suggesting a consolidation phase. On the 4-hour chart, BTC broke out of a descending channel into a smaller rising channel, retesting the $110K–$111K pivot. Key resistance lies at $113K, $114K and $117K, while a drop below $109K could trigger a decline toward the $104K demand zone. Meanwhile, on-chain data shows exchange reserves at multi-year lows, reflecting long-term accumulation and reduced selling pressure. Traders should watch the $110K support: its breach would risk further pullbacks, whereas a rebound could fuel a push toward interim targets near $114K and potentially the $124K all-time high.
Bullish
The combined analysis shows bitcoin price consolidating at a critical support level ($110K) while on-chain data highlights sustained accumulation and reduced exchange reserves. In the short term, this stabilizing range suggests limited volatility around current prices, leading to a neutral to mildly bullish outlook. Medium- to long-term, the supply shock from low exchange balances and the technical support at the 100-day moving average underpin a bullish reversal scenario, with the potential for a breakout toward $124K once demand resumes.